Republican-led opposition blocked the 'Buffett rule' from advancing in the Senate, turning back an election year effort by President Obama to slap a new tax rate on those earning beyond $1 million a year.

Nearly all Republicans voted against the measure, a potentially risky move at a time when 60% of voters support the measure, according to a recent Gallup poll, as a way to ensure wealthy Americans pay their fair share of taxes. Democrats are likely to revive the effort in coming months.

Continuing to allow some of the wealthiest Americans to use special tax breaks to avoid paying their fair share simply cannot be justified, the White House said in a statement before the vote.

That's not the only lie in the article because according to that recent Gallup survey, Republicans opposed the 'Buffett Rule' 54% to 43%! Those are the voters that voted them in, so it would have been much more risky to vote against them, which is not what the article implied.

The same 60% that would piss and moan if you dared raised their taxes or asked 43% of them to at least pay SOME INCOME TAX. Hypocrites!!! If this 60% wants someone to pay more taxes for THEIR BIG government, I suggest they THEY DO IT! They are NOT Americans. They're freeloaders.

18
posted on 04/16/2012 5:07:13 PM PDT
by FlingWingFlyer
(ObamaCare is like a stool sample. You have to pass it to find out what's in it.)

The lie: Continuing to allow some of the wealthiest Americans to use special tax breaks to avoid paying their fair share simply cannot be justified, the White House said in a statement before the vote.

The truth: The capital gains tax rate is not a “special” tax break. It is simply a 15% tax rate and is applied equally on all who report such income. The capital gains tax rate is neither progressive nor regressive taxation.

The opinion: Seems to me that it is the forerunner of a type of flat tax. If we cannot find a way to come up with a good consumption tax, I would like to see the earned income tax rates be replaced with the same rate as the capital gains tax rate. At least then we would be in the ballpark of a more “fair” tax system.

22
posted on 04/16/2012 5:22:02 PM PDT
by Let_It_Be_So
(Once you see the Truth, you cannot "unsee" it, no matter how hard you may try.)

Seriously, anybody, no matter who they are and how much money they have, can find a finite number of ways of donating extra money to the U.S. government, if they, really, wanted to do so. This issue is, just, a “dog and pony show” by the left, in order to ignore all of Barack Obama’s problems as well as ignore all of the problems of the left, in general.

23
posted on 04/16/2012 5:41:12 PM PDT
by johnthebaptistmoore
(The world continues to be stuck in a "all leftist, all of the time" funk. BUNK THE FUNK!)

What lie? With exception of Snowe the Republicans pulled together and were responsible for defeating the bill. The vote was close though so we have our work cut out for us.

There are 51 democrats, 2 democrat independents and 47 republicans. The democrats can pass it if they waned to push their majority. This was a bipartisan defeat. Kudos to the GOP for voting correctly, but this headline and story is just electon propaganda.

Buffet rule - another Obama straw man the progressive media is only too happy to characterize as a good and necesswary tax law blocked by those dastardly Republicans who only care for the 1% and will gleefully starve the poor and the old people and even little puppies.
cute
We can only hope there are enough rational people paying attention that won’t fall for Zero’s lies and tricks.

LOL ... some years ago, there was a magazine article (in Forbes, I think) where Warren and Jimmy were interviewed. Turns out they really are distant cousins through a common Nova Scotia relative. Warren said (paraphrasing) that the way things were going, referring to Jimmy’s musical success, he should start asking Jimmy for investment advice. I loved the picture at the beginning of the article — it showed Jimmy in a suit and tie with a disgusted look on his face, and Warren in a Hawaiian shirt.

Nearly all Republicans voted against the measure, a potentially risky move at a time when 60% of voters support the measure, according to a recent Gallup poll, as a way to ensure wealthy Americans pay their fair share of taxes.

LOL! So is that final statement the way the poll question was asked? I'm sure 60% DID say they supported that. I'd venture a guess that the vast majority of that 60% have absolutely NO clue what is actually written in the 'Buffett Rule', or how it would truly affect the national debt (not much).

Not sure I understand your comment. It takes 60 votes to pass any legislation in the Senate if there is not agreement on allowing the vote. There were 51...a majority who voted yes...but you need 60....to move forward.

It was not bipartisan. I don’t count one person as a bipartisan effort.

The Buffett rule idea was a non-starter because it would have encourage MORE "offshoring" of assets as a means of tax avoidance.

One of the HUGE advantages to both the Steve Forbes no-loophole 17% flat-tax plan and FairTax (H.R. 25/S. 13) is that you no longer impose taxes on bank account interest, capital gains and stock dividend payments. This means you can save and invest essentially tax-free, and that would mean fully-funded banks and people willing to invest in business operations on US soil. This is why I want unprecedented income tax reform.

I live in Maine also. I knew she was engaged. Snowe ‘s husband, Jock has some issues. I think she tends to give in to the other side much too easily, but we could be doing much worse. For example, Pingree.

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